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HANOVER: The majority shareholders of German auto parts manufacturer Continental AG have lost about US $ 16 billion, more than half of their combined wealth, so far this year.
Continental President Georg Schaeffler and his mother, Maria-Elisabeth Schaeffler-Thumann, Vice President, saw their fortunes collapse after the company announced additional costs and difficult economic conditions in Europe and Europe. in Asia would weigh on profits.
A senior executive said this week that the challenges will persist until 2019.
According to the Bloomberg Billionaires Index, their value now stands at 14.1 billion US dollars, after the biggest drop in wealth recorded this year by the richest families in Europe.
The mother and son also control Schaeffler AG, a German listed engineering group that has been under the same pressure as Continental, the world's second-largest manufacturer of auto parts. Shares of both companies plunged more than 40% this year.
Germany has the largest number of billionaires in Europe among the 500 richest in the world, including Susanne Klatten, principal shareholder of Bayerische Motoren Werke AG, and Hasso Plattner, co-founder of SAP SE.
Georg Schaeffler, 54, inherited 80% of the business with the last name when his father died in 1996, while his mother inherited the rest. She then orchestrated one of the largest hostile takeovers in Germany by acquiring Continental more than ten years ago. 17 billion US dollars.
He is now the 113th richest person in the world, according to the Bloomberg index.
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